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News > Deals
Chevron, Texaco delayed?
May 31, 2001: 8:46 p.m. ET

Texaco reportedly finding difficulty in talks for Calif. assets with Shell
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NEW YORK (CNNfn) - The $35 billion deal between Texaco Inc. and Chevron Corp. could be delayed as Texaco is finding it difficult to divest certain assets, a published report said Thursday.

According to the Financial Times Web site, Texaco is having trouble receiving a fair offer for California assets from Shell Oil Co., a unit of Royal Dutch/Shell Group. The Federal Trade Commission is concerned a combined Texaco-Chevron would have more than 25 percent of refining and marketing operations in California.

The FT quoted Texaco as saying they have yet to receive a fair offer from Shell and Saudi Anarco, while Shell says they made a fair offer.

Texaco is still in negotiations with Shell, but could put the assets in a trust and look for another buyer, the FT said.

Shares of Texaco (TX: Research, Estimates) rose 20 cents to $71.40 Thursday, while Chevron (CHV: Research, Estimates) rose 21 cents to $96.05. graphic

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Chevron taps Texaco - Oct. 16, 2001




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